Default rates jumped in 2006 and between then and 2014 nearly 9.3 million borrowers were foreclosed on, received a deed in lieu of foreclosure, or short sold their home. To date, nearly a million of these former owners have returned to the market and many more of these “return buyers” are already qualified, but waiting. Overlays and credit impairment have held a significant number back and could impact thousands more potential return buyers in the coming years. Roughly a third of formerly distressed owners will ever return to the market.